Pay later options are popular these days with many customers opting for the scheme for their purchases. It is an innovation that has gained ground and become popular in the last couple of years.
Therefore, online business owners must add this offer if they want to tap into the phenomenon of impulse buying among consumers even when they don’t have the funds to purchase a new product, as the option to pay later is a lucrative one that’s hard to ignore.
Here are a few reasons you should include this on your eCommerce site if you haven’t already!
A Lucrative Option
India is a country with limited credit card penetration. It leaves a large section of the population without many options other than taking out a loan to buy the products they want. However, that is a laborious process involving a lot of paperwork and other formalities. On the contrary, the buy now pay later option works universally for everyone as long as they have a stable income with a decent credit card swipe charges history. Moreover, the paperwork involved is minimal with a few KYC details and a running credit check to give the customer a pre-approved credit limit that they can use to buy things from your eCommerce Site.
Giving people the option to buy things now and pay later is likely to increase sales because even if someone may not have adequate funds, they can benefit from the credit line that is readily available to them to make that purchase. Not having the buy now pay later option can dissuade consumers from purchasing a product due to a lack of funds. So, having that option enabled on your eCommerce site can increase your overall sales.
Tap Into Impulse Buying
Impulse buying is a phenomenon among consumers across demographics. It is like having an option to buy things out of impulse and pay later. It is true for eCommerce sites with several products to choose from. When there are so many options at a consumer’s disposal, it is more likely they will end up buying something out of impulse. A buy now pay later option helps in egging the consumer to complete the purchase even if they do not have the funds for it.
Better Customer Retention
When you offer a better value proposition to your consumers, they are more likely to come back. A pre-approved credit line they can keep reusing as long as they keep paying off the debts is a value proposition that would have them coming back for repeat purchases.
Buy now pay later India options give consumers added purchasing power. If a business can offer them the option to pay later with 0% interest charges, then it is guaranteed that it will draw attention away from the competition. That is because when two businesses are offering the same products at discounted rates, a buy now pay later option is what will help the buyer decide.